London Agricultural Commodities

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Plains, Prairies Quick Takes

11/28 11:03 AM

January canola is up $2.30 per metric ton (mt), March soybean oil is up 1.00 cents/pound, February European rapeseed is up 1.00 euro per mt and January Malaysian palm oil is up .66%. March oats are up 2 cents/bushel. January crude oil is up $.89 per barrel, January ULSD is up $.0421 per gallon, and the December Canadian dollar is up .00320 at .71620. The December U.S. Dollar Index is down .107 at 99.415 and the December Brazilian real is up .00015 at 0.18745.

Exceptionally strong corn export sales for the week ending Oct. 16 (delayed due to shutdown) and impressive export sales flash announcements of 312,000 mt of soybeans sold to China and 273,988 mt of corn sold to unknown, combined to keep the week's rally alive (and looking well). The 2.823 mmt of corn (or 111 million bushels) sold in the one week put total export commitments to 43% above last year's pace, while the USDA currently projects a 9% annual increase. For more on the record-setting corn export pace, see Tuesday's post at https://www.dtnpf.com/….

The weakening of the soybean oil premium to palm oil by mid-October resulted in another 42.1-million-pound weekly export sales total for soybean oil, taking total commitments to 291 million pounds or 32.3% of the annual projection of 900 million pounds (at just 2 weeks into the marketing year). That, and higher energy prices, have resulted in another strong push higher for soybean oil, with canola simply observing for now.

Outside markets are fairly subdued ahead of the early closing, with treasury markets slightly lower, equity markets quietly higher and the U.S. dollar under mild pressure. Silver is surging after Thursday night's CME trading halt, up $2.74/ounce currently, marking an all-time price record of $55.655/ounce as inflationary concerns work their way through commodity markets.

As a reminder, early closes are expected to be 12:05 p.m. for ag markets, 12:15 p.m. for treasuries and equities, and 1:45 p.m. for energy, metal, currency and cryptocurrency markets (all CST).